Mergers & Acquisitions

  • July 14, 2021

    Atty Asked To Clarify Role In Straight Path Deal Suit In Del.

    A Delaware vice chancellor wants an attorney to clarify if he intends to serve as a trial witness while also representing a defendant in a lawsuit related to Verizon's $3.1 billion purchase of Straight Path, after ethical concerns were raised about him serving in dual roles.

  • July 14, 2021

    EBay Trims Adevinta Stake For $2.25B To Comply In Austria

    Online marketplace eBay, led by Wachtell Lipton Rosen & Katz, announced Wednesday that it plans to sell at least 10% of its stake in Norwegian marketplace site Adevinta to private equity firm Permira, through a $2.25 billion all-cash deal intended to bring eBay in line with Austrian competition regulations. 

  • July 14, 2021

    Kirkland, Debevoise Rep $5.3B Deal For Waste-To-Energy Biz

    Swedish private equity firm EQT said Wednesday it's buying waste-to-energy business Covanta for $5.3 billion in a deal guided by Kirkland and Debevoise.

  • July 13, 2021

    Investor Sues FireEye Over $1.2B Private Equity Deal

    A FireEye Inc. investor sued the cybersecurity company in Delaware Chancery Court on Tuesday, seeking to investigate claims that its planned $1.2 billion deal with Symphony Technology Group, a private equity firm, would rip off public investors for the benefit of its CEO.

  • July 13, 2021

    SPAC, Merger Target And CEOs Accused Of Faulty Disclosure

    The U.S. Securities and Exchange Commission announced Tuesday it has reached settlements with special purpose acquisition company Stable Road Acquisition Co., its sponsor and CEO, and the SPAC's proposed merger target Momentus Inc. for allegedly falsely telling investors that its propulsion technology had been successfully tested in space.

  • July 13, 2021

    Musk Testifies Tesla Needed SolarCity For Clean Power Goals

    Tesla Motors Inc. CEO Elon Musk told a Delaware vice chancellor Tuesday that the electric car company's $2.6 billion purchase of SolarCity Corp. reflected efforts to advance sustainable energy goals, as a bench trial with potentially billions of damages in the balance continued.

  • July 13, 2021

    2 Firms Help Lead Altus Power's $1.6B Go-Public Deal

    Solar energy company Altus Power said Tuesday it was going public through a merger with a CBRE-backed blank check company in a deal valuing the combined entity at $1.58 billion and is guided by firms including Ropes & Gray and Simpson Thacher.

  • July 13, 2021

    5th Circ. Urged To Revisit Oil & Gas Firm Arbitration Ruling

    The Fifth Circuit ignored established precedent in a suit over whether an energy dispute should be sent to arbitration, a Houston consulting firm claims, when the panel dismissed a lower court's findings of fact as "conclusory assertions" that were owed no deference.

  • July 13, 2021

    UK Watchdog Takes Harder Look At Finnish Cargo Merger

    The United Kingdom's competition enforcer is going to be taking a closer look at two Finnish cargo companies' plans to become one after finding the union was likely to curb competition, a move that comes on the heels of the European Commission's decision to do the same thing.

  • July 13, 2021

    FTC Warns Against Deals Like Nixed $1.3B Berkshire Merger

    The Federal Trade Commission's top antitrust enforcer chastised Dominion Energy Inc. and an affiliate of Warren Buffett's Berkshire Hathaway Tuesday for even proposing their newly called-off $1.3 billion natural gas pipeline deal, while warning that such future transactions will be prevented.

  • July 13, 2021

    TECT Aerospace Approved For $13M Ch. 11 Sale To Boeing

    Bankrupt aviation industry parts supplier TECT Aerospace received court approval Tuesday from a Delaware judge for a $13.5 million sale of its operations in Kansas to affiliates of secured lender Boeing Co.

  • July 13, 2021

    HgCapital Invests $1B In Software Biz, Takes Joint Control

    Private equity firm HgCapital said Tuesday that it has invested $1 billion in financial software company insightsoftware and is taking joint control of the business, in a transaction valuing the group at about $4 billion.

  • July 13, 2021

    Illinois Cases To Watch In 2nd Half Of 2021

    The Illinois Supreme Court could soon decide what warrants final adjudication of a case and what constitutes excessive punitive damages, in two of the most closely watched cases of the second half of the year. Here, Law360 breaks down four cases to watch in Illinois through the rest of 2021.

  • July 13, 2021

    Texas Justices Asked To Rope Atty Into $100M Bonus Dispute

    A former energy company chief financial officer who is being sued for allegedly wrongly taking a $100 million bonus after closing a $1.05 billion oil and gas deal has asked the Texas Supreme Court to allow him to name the company's attorney as a responsible third party.

  • July 13, 2021

    UK Watchdog Concerned Over €10B Cellnex Assets Deal

    The U.K.'s competition enforcer said there are signs that Cellnex Telecom's planned €10 billion ($11.95 billion) purchase of thousands of telecom sites across Europe from Hong Kong-based CK Hutchison could give it too much leverage over mobile operators that use telecom infrastructure in the country.

  • July 13, 2021

    White & Case, Kirkland Steer Battery Co.'s $3.6B SPAC Deal

    Electric vehicle battery maker SES Holdings Pte. Ltd. said Tuesday that it plans to go public at an equity value of $3.6 billion by merging with a blank-check company, in a deal guided by White & Case LLP and Kirkland & Ellis LLP.

  • July 13, 2021

    Pulling Up Stakes: MoFo, Goodwin, Kirkland

    In our latest roundup of deal makers on the move, Morrison & Foerster LLP added a partner to its mergers and acquisitions and private equity practices in New York, Goodwin Procter LLP picked up a private equity partner in Hong Kong, and Kirkland & Ellis LLP gained an investment funds partner in Paris.

  • July 12, 2021

    Dominion Energy, Berkshire Call Off $1.3B Gas Pipeline Deal

    Dominion Energy Inc. and an affiliate of Warren Buffett's Berkshire Hathaway announced Monday that they are calling off a $1.3 billion natural gas pipeline deal due to uncertainty about Federal Trade Commission approval over antitrust concerns. 

  • July 12, 2021

    Musk Denies Controlling $2.6B Tesla Deal In Fiery Trial Kickoff

    Tesla Motors Inc. CEO Elon Musk denied Monday that rooftop solar venture SolarCity Corp. was "troubled" when the electric car company bought it for $2.6 billion in 2016, at the sometimes acrimonious opening of a 10-day Delaware Chancery Court trial on demands that Musk repay billions to stockholders.

  • July 12, 2021

    Achronix Agrees To End $2B Tie-Up With Blank Check Biz

    Semiconductor business Achronix said Monday it had mutually agreed to end its go-public deal with blank check company ACE that would've valued the combined entity at $2.1 billion after the sides said they could not complete the deal in time.

  • July 12, 2021

    CarLotz Hit With Investor Suit After Post-SPAC Stock Drop

    The consignment-to-retail used car company CarLotz has been hit with a proposed securities class action over claims the company made misleading statements that caused its stock price to fall by more than half since being taken public at the start of the year.

  • July 12, 2021

    3 Firms Guide Liberty Mutual's Deal For State Auto Group

    Liberty Mutual said Monday it's acquiring insurance company State Auto Group — including its State Auto Financial business — for roughly $2.3 billion, in a deal guided by Skadden Arps Slate Meagher & Flom LLP, Kirkland & Ellis LLP and Squire Patton Boggs LLP.

  • July 12, 2021

    FTC Aims To Tighten 'Prior Approval' Policy For Merger Deals

    The Federal Trade Commission's new chair announced the next target for her aggressive antitrust push Monday with plans to repeal a quarter-century-old policy that has allowed parties to merger clearance settlements to generally dispense with seeking "prior approval" before entering new merger agreements.

  • July 12, 2021

    NextEra Asks For 2 Months To Produce Energy Future Docs

    NextEra Energy has asked a Delaware bankruptcy judge for two more months to produce documents connected to its claim for $60 million for a failed attempt to buy an Energy Future Holdings subsidiary, saying it has turned up far more documents than expected.

  • July 12, 2021

    Weil, DLA Piper Rep $32.6B SPAC Deal For MSP Recovery

    Medicaid and Medicare claims recovery specialist MSP Recovery LLC said Monday that it will go public at an enterprise value of $32.6 billion by merging with a blank-check company, in a near-record deal crafted by Weil and DLA Piper.

Expert Analysis

  • Pharma Cos. Can Expect Harsh Antitrust Scrutiny From Biden

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    For pharmaceutical company mergers and acquisitions, increased antitrust scrutiny under the Biden administration, combined with international coordination of review and enforcement, will likely translate into longer, more in-depth and more expensive merger reviews, say attorneys at Faegre Drinker.

  • How SPACs Can Avoid Failed China Reverse Mergers 2.0

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    As red-hot special purpose acquisition companies hungry for de-SPAC transactions set their sites on Asia, practitioners can look to the failed Chinese reverse mergers of the early 2000s for lessons about regulation, due diligence and misrepresentation, say attorneys at Baker McKenzie.

  • The Pandemic's Bright Spots For Lawyers Who Are Parents

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    The COVID-19 crisis has allowed lawyers to hone remote advocacy strategies and effectively represent clients with minimal travel — abilities that have benefited working parents and should be utilized long after the pandemic is over, says Chelsea Loughran at Wolf Greenfield.

  • Avoiding Litigation Risks As SPAC Popularity Explodes

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    While interest in special purpose acquisition companies has recently increased because they are perceived as less risky than traditional initial public offerings, parties to SPAC transactions can reduce the risk of litigation by focusing on disclosures, financial projections and target company selections, say Eric Rieder and Amy Wilson at Bryan Cave.

  • Risk-Based Compliance Improves Cannabis M&A Prospects

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    As the cannabis M&A market heats up, one way cannabis operators can improve merger or acquisition potential is to have a risk-based compliance program that aligns regulator and operator interests, say Katrina Skinner at Burns & Levinson and Brion Nazzaro at the Association of Certified Commercial Cannabis Experts. 

  • Economic Sanctions And Export Controls: A Q1 Update

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    Attorneys at Kirkland discuss first-quarter developments in U.S. export controls and economic sanctions and what they may indicate about the Biden administration's national security and foreign policy agenda. 

  • Opinion

    Revise Mansfield Diversity Mandates To Also Benefit Veterans

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    The well-intentioned efforts and salutary purposes of the legal industry's Mansfield Rule diversity metric are tainted by the Diversity Lab initiative's omission of veterans, who are underrepresented at large law firms and entitled to advantageous treatment based on more than 200 years of public policy, says Robert Redmond at McGuireWoods.

  • Tips For Managing Cybersecurity And Privacy Risks In M&A

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    Cybersecurity and privacy issues in M&A transactions should no longer be an afterthought and should be treated on equal footing as other parts of the due diligence process, like tax, real estate and intellectual property, say David Kessler and Anna Rudawski at Norton Rose.

  • Why The Future Law Firm Model Is Industry-Based Offerings

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    Multidisciplinary, industry-based groups at law firms allow for more holistic legal advice, lead to sustainable client relationships, and are likely to replace practice group monoliths at many firms, say Jennifer Simpson Carr at Furia Rubel, Timothy Corcoran at Corcoran Consulting and Mike Mellor at Pryor Cashman.

  • 6 D&O Provisions To Consider When Buying SPAC Insurance

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    As directors and officers insurance strives to keep up with the unique risk profiles of special purpose acquisition companies, D&O policy language distinctions can make a critical difference in whether claims against SPACs are covered, says Stephen Raptis at Haynes and Boone.

  • M&A Takeaways From ABA Antitrust Meeting

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    At the recent Antitrust Law Spring Meeting, the American Bar Association's panels on mergers revealed that federal agencies have successfully adapted to COVID-19 restrictions and are making it a priority to challenge partial acquisitions and nascent competitor acquisitions, say attorneys at Perkins Coie.

  • Enforcement Takeaways From ABA Antitrust Meeting

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    Although many are calling for sweeping changes to antitrust laws, virtual sessions of the American Bar Association's 69th Antitrust Law Spring Meeting reveal that state and federal enforcers are already able to challenge big tech, acquisitions of small, nascent competitors, and wage-fixing and no-poach agreements, say attorneys at Perkins Coie.

  • Thought Leadership's Critical Role In Law Firm Diversity

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    Minority attorneys are often underrepresented in conferences, media interviews and other law firm thought leadership campaigns, which affects their visibility with potential clients and their ability to advance at their firms, says John Hellerman at Hellerman Communications.

  • Opinion

    Growth Cos. Should Disclose Projections In IPO Prospectuses

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    It's time for the U.S. Securities and Exchange Commission to encourage smaller and emerging companies to demonstrate their prospective growth to investors by providing reasonable financial projections in their initial public offering prospectuses for a greater chance of success, says Spencer Feldman at Olshan Frome.

  • Del. Rulings Guide On D&O Insurance For Corporate Fraud

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    Two recent Delaware decisions chart a helpful path for policyholders seeking directors and officers coverage for incidents involving fraudulent conduct, and also demonstrate the flexibility afforded by choice-of-law clauses, say Brian Scarbrough and Eric Fleddermann at Jenner & Block.

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